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The U.S. Environmental Protection Agency (EPA)’s decision to remove proposed restrictions on mining operations in Alaska’s Bristol Bay is being called a “massive de-risking event” for Northern Dynasty Minerals’ (TSX: NDM; NYSE-AM: NAK) Pebble project. The move could also improve the Vancouver-based company’s chances of finding a partner to build the mine, which the company describes as the “most significant underdeveloped copper and gold resource in the world.”

In late July, the EPA removed a proposal started by the Obama administration in 2014 under Section 404(c) of the Clean Water Act that effectively stalled the Pebble project. The proposed limitations were never legally finalized. The decision doesn’t guarantee the U.S. government will issue a permit for the Pebble project, but removes a major barrier and overhang on the company.

In an interview with The Northern Miner, Northern Dynasty president and CEO Ron Thiessen described it as “a big psychological bonus for us in the marketplace.”